Canara Bank RD Dhanvarsha Interest Rates 2020

Canara bank is one of the best banks for recurring deposits, it offers a better interest rate when compared to the State Bank of India. When it comes to Canara ban RD schemes they offer Two recurring deposit schemes, they are 1. Recurring Deposit General and 2.RD Canara Dhanvarsha General.  The interest rates of Canara bank RD schemes are the same as their fixed deposit rates.

Canara Bank RD Dhanvarsha Interest Rates W.E.F, 3 June 2020

Investment PeriodRD Rate for General Public (%)RD Rate for Senior Citizens (%)
7 days to 45 days3.503.50
46 days to 90 days4.304.30
91 day to 179 days4.304.30
180 days to 1 year4.855.35
1 year only5.506.00
1 year to 2 years5.406.00
2 years to 3 years5.506.00
3 years to 5 years5.455.95
5 years to 10 years5.455.95

Canara Bank RD Dhanvarsha Scheme Details

  • The minimum amount to do RD in Canara bank Dhanvarsh RD scheme is 1,000 Rs and the maximum amount is 1 Lakh Rupees.
  • The minimum tenure for this scheme is 1 year and the maximum tenure is 120 years.

Canara Bank General RD Scheme Details

  • The minimum amount to do RD in Canara bank general scheme is 50 Rs and the maximum amount is 10 Crores.
  • The minimum tenure for investment is 6 months and the maximum tenure is 10 years.

Frequently Asked Questions about Canara Bank Dhan Varsha Recurring Deposit Scheme

Who is eligible for this scheme?

Resident individuals, joint account holders, guardians on behalf of minors, HUF, firm, a company, an association, trust, and institutions.

What is the deposit patter in the Canara Dhanvarsha RD scheme?

The minimum amount to invest per month is 1000 Rs and the maximum amount is multiples of 100 Rs i.e 1 lakh. Another benefit of this scheme is the investors can deposit 10 times their regular investment per month.

Are there any special rates that will be given to senior citizens?

No, there are no special rates applicable for senior citizens under this scheme.

Is there in TDS on my investment in this scheme?

Right now there is no TDS will be deducted on your deposits, but it depends on the income tax rules of recurring deposit for that assessment year.

What is the penalty for premature closure of this scheme?

A penalty of 1% will be levied on premature closures fo Canara bank Dhanvarsha RD schemes.

Can I register nominee in this scheme?

Yes, you can register nominee in this scheme, you can choose existing nominee or new nominee while opening the RD account.

How to Open Canara Dhavarsha Recurring Deposit Account?

Now you can open Canara Dhanvarsha recurring deposit account online either by using internet banking or by using Canara bank mobile app.

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